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Tracy Chen, CFA, provides investment advice on gold and other hardassets to several large institutions. Tracy advertises his services inpublications that serve a general audience to broaden his business and meetincreased interest in these assets from retail customers. He stated in the adthat thousands of his clients have benefited from his advice based on the factthat the client base for the institutions that Tracy serves is large,. Does Tracy’sadvertisement violate any CFA Institute Standards of Professional Conduct?
Tracy Chen, CFA, provides investment advice on gold and other hardassets to several large institutions. Tracy advertises his services inpublications that serve a general audience to broaden his business and meetincreased interest in these assets from retail customers. He stated in the adthat thousands of his clients have benefited from his advice based on the factthat the client base for the institutions that Tracy serves is large,. Does Tracy’sadvertisement violate any CFA Institute Standards of Professional Conduct?
A.No
B.Yes, related to Misrepresentation
C.Yes, related to Communication with Clients
Solution: B
AsTracy’s client base is made up of a small number of large institutions, statingin the advertisement that his customer base is a larger number is amisrepresentation and a violation of Standard I (C). In addition, since theadvertisement focuses only on the benefits and does not mention the potentialrisks of these investments, it is also potentially misleading to clients.
